Fame and Failure: 6 Celebrity-Endorsed Crypto Projects That Went Wrong in 2024
The bull market has renewed investors’ interest in cryptocurrencies as they hope to receive massive returns from their investments. Sensing the opportunity, several celebrities have created and promoted tokens with a promise of significant gains.
However, not all tokens launched by celebrities have lived up to the hype. Some have performed poorly in recent weeks despite the growing bullish momentum in the wider market.
Here are celebrity-endorsed crypto projects that have failed this year, causing investors to lose massive amounts of money.
HAWK Tuah
This token was created by Haliey Welch on December 4th. Welch became famous earlier this year after her interview on how to drive men crazy went viral. She quit her job in October and hired a team to help her capitalize on the newfound fame. That month, Welch collaborated with various brands to launch Hawk Tuah merch and started her ‘Talk Tuah’ podcast.
In November, billionaire businessman Mark Cuban appeared on the podcast and urged Welch to consider launching her own meme coin. A month later, the HAWK token was introduced to the market via PumpFun. Within 24 hours of its launch, the crypto asset plunged 91% after some analysts accused Welch and her team of insider trading.
While Welch has refuted accusations against her, lawyers believe she has a case to answer if authorities step in.
DADDY
Popular social media influencer Andrew Tate introduced his Solana token DADDY in June to rival musician Iggy Azalea’s MOTHER. Although the token performed well during the first three days, it plummeted 37% within a day after Bubblemaps data revealed massive insider trading activity.
The data showed that Tate’s team had bought 30% of the DADDY’s supply before the token entered the market. Since the revelations, the buzz around DADDY has faded significantly, with the coin’s market cap dropping from nearly $200 million to $32 million as of this writing.
MCLAREN
On October 5th, controversial streamer Jack Doherty crashed his McLaren worth $200,000 while streaming on the Kick platform. A day later, he launched a token dubbed MCLAREN. Before promoting it to his followers, he allegedly used several wallets to buy it. Doherty then dumped his holdings a few hours after the token launch, causing MCLAREN’s price to drop by 72%.
The streamer has since deleted all the tweets about the token as investors accuse him of conducting a rug pull. As of December 13th, no lawsuit has been filed against him.
KING
Known for his smash hit ‘Beautiful Girls,’ singer Sean Kingston launched his KING token in July. On the 16th of that month, the meme coin’s market cap went from $4 million to $380,000 within an hour as its price dropped by 92%. Kingston and his team have been accused of dumping their holdings on investors despite promising not to abandon the project.
DAVIDO
Nigerian artist Davido launched the DAVIDO meme coin on PumpFun. He used 7 SOL to buy about 20% of the token supply. After promoting it on his social media accounts, DAVIDO saw its price rise significantly, with the artist’s holdings’ value growing to 2,747 SOL.
Davido then dumped his holdings at once, causing the token’s price to plunge 84%. While many investors have urged Nigeria’s Securities and Exchange Commission to charge him for promoting a scam, the regulator has said it will not take any action against Davido, advising investors to familiarize themselves with the risks associated with cryptocurrencies.
JASON
RnB star Jason Derulo launched the JASON token in June. The asset attracted thousands of investors in its early days. But one day, its price dropped by 71%, resulting in significant losses to investors.
At the time, Derulo claimed that controversial meme coin creator Sahil Arora was behind the rug pull. However, analysts from Bubblemaps dismissed the singer’s claims and revealed that several wallets linked to Derulo had dumped JASON tokens, profiting over $180,000.
Jason’s market cap, which peaked at $33 million on June 28th, has dropped to just $698,000, according to data from DexScreener.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. CreditInsightHubs is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
